BUSINESS China imposes 2.28b yuan in fines on financial institutions in 2020

BUSINESS

China imposes 2.28b yuan in fines on financial institutions in 2020

Xinhua

19:19, May 21, 2021

A teller counts cash at a bank branch in Hangzhou, capital of East China's Zhejiang province. (Photo: China Daily)

BEIJING - China's top banking and insurance regulator filed fines totaling 2.275 billion yuan ($353.81 million) on banks and insurance institutions for violating rules and laws in the financial sector in 2020.

These fines involved approximately 3,178 institutions, according to the China Banking and Insurance Regulatory Commission.

In the banking sector, illegally increasing the hidden debts of local governments, illegally providing finance to the real estate sector, and distorting data in the reports of banking and wealth management businesses were the focuses of the investigation, the commission said.

In the insurance sector, the crackdown focused on behaviors including cheating policyholders, illegally utilizing insurance funds, and drawing up false information.

The commission said that in the next step, financial activities will be fully incorporated into the law enforcement system to provide a strong guarantee for the virtuous cycle of finance and the real economy.

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